KUALA LUMPUR: Minetech Resources Bhd, whose core business is quarry mining, announced plans to pursue new mining projects, particularly gold mining in Indonesia.
The company has signed a memorandum of understanding (MoU) with PT Gold Port Mineral.
In a statement, Minetech said PT Gold Port is an Indonesian company which owns an offshore diamond and gold mining concession in Kalimantan, with an aggregate coverage area of 136,700ha.
“It is understood that PT Gold Port is the beneficiary to some mining concessions and is seeking a partner for technology transfer and also fund the initial commencement of operations in respect of its concessions.
“With the help of Minetech’s existing resources and expertise, the strategic partnership will be profitable for both parties,” it added.
Minetech recently announced that it had renewed a two-year RM42.37mil contract with Selinsing Gold Mine Manager Sdn Bhd (SGMMSB).
SGMMSB is a company owned by Monument Mining Ltd, which is an established Canadian gold producer with Australian origins.
It has a portfolio of gold and other metal properties, including the Mengapur Polymetallic Project in Malaysia, and Murchison Gold Project in Australia.
Minetech was first awarded the contract by SGMMSB on May 25, 2009, with a contract duration of RM37mil over a three-year period.
The MoU with PT Gold Port will allow the parties to commence their due diligence on the confidential concession documents, carry out studies on the concession, and if necessary, appoint consultants to conduct tests at the site. – Bernama
